The difference between rich and poor mentality or mindset in step by step practical guide. Imagine You Saw this article earlier on and applied it, how well do you think your life could have been now? You will say, hey my life has really improved, I have replaced my poor mindset towards money with the rich one you showed me. Am now making over $45000+ monthly (Awesome, the guides below are indeed a must know life secret).
But nowhere you are, without making this kind of money, simply because you couldn’t see this below secret am about to show you early. Am so sorry but you don’t need to blame me. The magic of knowing the differences between how poor and rich peoples do their things is just a few scrolls down below.
And, All you have to do to see this secret that will change your life instantly is to Scroll down below.
Table of Contents
1. Rich vs. Poor Mindset Difference In Investing
You have probably heard of investing before in your life. There are so many forms of investing, it could be investing in yourself or investing your money. The magic I want to show you here is how rich and poor people invest their money. This secret (the difference between rich and poor mentality) can transform your life instantly if you apply it.
Rich Peoples Invest Their Money
Rich peoples know that in real life, you can’t do everything by yourself. There are a lot of peoples working hard in the street, earning much more money daily than most successful peoples, but yet they end up being poor. The secret between these two peoples is simple. Rich peoples work and still invest their money as a second source of income, whereas average peoples don’t but depend on their day to day job.
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Poor People Spend Their Money
You remember I just told you that, if you apply all the magic secrets here, you can start making over $45000+ right? Yes, I know you do and this is the first hack. Most poor peoples don’t think about investment. They spend their paycheck before the month is even due. Their life pattern is this “Work for $200 this morning and spends it this evening” This is why if they get fired at work this morning, they will starve the coming days until they get a new job.
2. Rich vs. Poor Mindset Differences Towards Work
You remember the saying that says “A consistent hard-work pays the best interest” right? No, I don’t but at least I have heard it. Don’t you think if all Rich and Poor Peoples work in the same manner they will achieve the same result? Yes, they will, but why is it that one end up being a success than the other? Below is the magic answer to this question.
Rich Peoples Work hard in silence
No matter how bad your job is, at least you still get your daily earnings from it. Rich peoples know this secret and apply it at their work. Whether their job pays well or not, it still pays most of their bill. So they work hard in silence and maximize their productivity to achieve more results in the future than in the past.
Poor People show off
Unlike the rich, poor Peoples show off at their jobs and work according to their previous achievements. They have no intention of maximizing their productivity in the coming years. They don’t measure their productivity because they are not willing to do more today than they did yesterday.
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3. Budgeting
Budgeting is the act of tallying a plan according to your expenses and incomes. Whether poor or rich peoples live on a budget the answer is just a few scroll below.
Rich Peoples live on a budget
I personally started living on a budget when I finished reading the richest man in Babylon. Comparing my past to my current financial status, I will advise you to implement it too. Rich peoples knows that our necessity will always grow to equal our current income. And for that if they don’t draw a budget and live on it on what necessity they should gratify, they will end up spending all their money.
Remember we all have more necessity than our earnings can gratify. Before you earn $3000 today, you already have a lot of choices you could spend much money on. The real difference between rich and poor mentality lies here…
Poor Peoples live according to their necessities
This is exactly what I was doing in the past. Whenever I received my paycheck, I immediately rushed into the boutique and buy fancy shirts and trousers and other stuff. I end up spending all my paycheck before the next month is due. But unlike the rich, most poor peoples are also just like me, they live according to their necessities. If they get $200 now, they will spend it all without drawing a budget for it.
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4. Poor vs. Rich Mindset Differences During Weekends
For most of us Saturday and Sunday is a great day to waste because is a work free day. But do you know that…
Rich Peoples Read Books every weekend
Am connected to Bill Gates on LinkedIn and almost every two months he posts a picture of himself sitting in his hall reading a book. I have seen Warren Buffet doing the same too. There is no magic secret in holding a book in your hand and grabbing something into your ears. This is one of the top habits of almost all successful peoples I have ever known. They are eager to utilize their free time in acquiring some knowledge. Most of them do this by reading a book or listening to a podcast.
Poor People’s Party Every Weekend
Going to the casino or party on Saturday night is so awesome. You know how the feeling is like when you get home from the casino or party right? Sometimes drunk or disturbed because you lost all your bet. This is how poor people waste their time on weekends. They indeed know that “all work and no play makes Jack a dull boy” so they waste Saturday and Sunday for nothing valuable whiles rich peoples use this opportunity to read and acquire knowledge for invention.
5. Mindset Difference Towards Thinking And Applying
Your mind is a great tool God has given it to you. If you use it well you will achieve impossible things. But do you know that your mind can also work against you? OOO I don’t have to say this because it has been working against you already. You don’t believe? This is how…
For Rich Peoples Practical execution is a habit
Almost 70% of all successful peoples are inventors. Just have a look at this (Bill Gate => Microsoft, Elon Musk => Space-x, Jack Ma => Alibaba, Mark => Facebook, Jeff Bezos => iPhone) and many more. What do these peoples do? They think and apply it and make things happen.
You also have the power to imagine things and make it happen. This is how your mind works against you. You still don’t get this, you need to see this for the full understanding…
Poor Peoples Only thinks and does not apply
I tell you, if we have the guts to take action on what we think of, we all could have been successful. The difference between inventors in non-inventors is simple “Inventors take action on what they think and make it happen, non-inventors thinks takes no action on it”. This is how your mind works against you, if you don’t use it well it will keep working against you. You will think of the great things that will save the world or makes you successful but you will never implement such idea. Thinking habit is a top difference between rich and poor mentality.
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6. Mentality Difference Towards Time
We all have Twenty-four hours in a day. For some this is too less for them, others too wish it should be cut down. But in all, either less or more what you do with it is what matters. Why because…
Rich Peoples invest time
Whiles most people’s Wait for the coming month or years, for the rich “NOW” is the time something must be done in. They utilize their time very well for productive things. Even when they have taken time off from their jobs, you will find them reading books in their house. This doesn’t mean rich peoples don’t rest at all. Remember they are humans just like you are, when something hurt they feel it too. But instead of wasting their leisure time at the casino, they will either have a sound sleep or read a book.
Poor Peoples Kills Time
I remember when I was in my 20’s, watching wrestling and playing video games wasn’t an option at that time but a necessity. Any free time I get, you will either see me holding gamepad in my hand or shouting kill him, kill him in-front of the TV (Seriously that indeed is the main reason why my life was like that). This is not only me, most peoples are like me, they don’t pay any mind in managing their time well. Any seconds they will get they will waste it doing unnecessary things.
I told you that if you are willing to apply these magic hacks your life could change overnight. Time is a great wealth we all need to utilize it for something productive. Implements rich peoples idea above of managing their time and change your life.
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7. Rich vs. Poor, Money Mindset
Do you know one thing that rules the world? It not your country president not even your church priest, it “MONEY” When you have money, you have power, respect, joy and a happy family. Is this not all what life is about? To be happy, respected, have a happy family and live life of your dreams? Indeed it is, but do you know that most peoples are attracting and rejecting these great things because of their mindset? You don’t but check this….
Rich peoples have a mindset that “The Lack of Money Is the Root of All Evil”
Rich peoples believe that where there is wealth, there is peace. And where there is no wealth, there is no peace. One multimillion real estate investor was interviewed in August 2018 about his opinion on this. This is what he said “Most of the crime especially the stealing only exist among those with no money. If they don’t have any money for food and they see your wallet open with $10 note in it, won’t they take it?”
Will you take it? Comment below.
Poor Peoples believe that “The Love of Money is the Root of All Evil”
For the poor they have a different mentality. They say “Those who have money are all evil doers” This mentality originated in the ancient times where peoples were trading their own family members for money. So just imagine you grew up and came to realize that you were twins, but your mother sold your twin brother or sister for money. How will you feel?
Bad, you will say “My mother sold my twin brother for money, she is an evil” Yes because of money she is an evil, but tell me does the trading of peoples for money exist still? Not anymore, so will it be right to see all rich peoples as evil? Comment below with your thought.
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8. Rich vs. Poor Spending Mentality
Can you live in Babylon without spending? Coward, if you did kept for yourself 10% of all your earnings, how much would you have got to show for yourself now? Do you remember where this question comes from? Comment below?
Rich Peoples Buy Asset
Before you can understand this well, you need to know the difference between asset and liabilities. Asset is anything that put money into your pocket whiles liability is anything that takes money away from your pocket. Rich people’s focus on purchasing assets that can create wealth for them. Take a walk in the street tomorrow and take very good notice of most peoples who own big companies. You will see that most of them are very successful.
It is not because they are just interested in establishing businesses, they are actually building assets that can generate money for them month after month.
Poor Peoples Buy Luxuries
One man’s meat is another man poison. Whiles rich peoples focus on buying an income-generating asset, this is opposite with the Poor. Give a poor man $2000 today and ask him what he spent it on tomorrow and he will say “I have few dress so I bought some, I have not tasted a coffee for 2 years so I bought $5 Star berry coffee” and a lot… You will never hear of a single asset in it. This is where most people go wrong, they don’t think of what will happen when their money in hand gets squandered. Do you see the difference between rich and poor mentality here?
9. Poor Vs. Rich Peoples Mindset Or Mentality Towards Future Planning
When an opportunity meets preparation, those who are unprepared loose such an opportunity. Opportunity is a very discipline thing, it attends to those who are only ready for it. It doesn’t care if you will be ready for it in the next seconds, when it comes and you are not ready, it will move to the next person. Below is why most rich peoples keep getting rich and poor keep getting poor.
Rich Peoples Plan for Future
Rich peoples always think of what will happen in the coming days and prepare for it. They think about long term benefits instead of short term. They are always on a plan, they schedule their weekly routine base on their future plans. This is because they know that success is nothing but what we do consistently towards our future goals.
Poor Peoples Plan for Weekends
This reminds me of my school days back then in college. Whenever a new week starts, I wish it could run so fast that Saturday and Sunday will come just tomorrow. Do you know why? It because on Saturdays and Sundays, all the students in the boarding house are allowed to go out. So going out at 7:00 am to parties and game centers were all that was in mind. I wasn’t thinking of what will happen at the end of the semester, I was just thinking about my Saturday and Sunday joyful routine. This holds me back to re-write 2 exams.
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If you think I was the only one with such a habit then you are a liar. Most Poor peoples are just like me, they have a future but they don’t schedule their daily routines on what they want to achieve in the future. They think of where they will attend party this coming Saturday, what will I eat tomorrow. It is indeed a good thing to think about what is ahead of you but the only difference that is between the rich and the poor on this is that, the rich think of long term gains where the poor thinks of short term benefit.
10. Resource Management Mindset Difference
Every country is richly blessed with a lot of natural resources. Especially in Africa most countries are richly blessed like Ghana and South Africa. But do you know something that interests me? is this quote “if you 1000 resources and don’t know how to use even one of it, then is not wealth having” This is why most foreign countries with small natural resources but big knowledge are highly developed than those with many resources. A country like Ghana will export gold to foreign countries to melt it, turn it into jewelry and then sell it back to the same Ghanaians at a higher price than the exported gold.
The same is true with the rich and the poor.
Rich Peoples Produce
For rich peoples they are always looking for ways they can produce something that will return a greater value for them. They don’t care whether a particular product is already in existence, once the market niche is profitably, they will enter into it and offer something to those who are not willing to produce but to consume.
Poor Peoples Consume
Poor peoples are the most consumers in every economy. Because they have no business mindset of making more money, they waste all their money on product consumption, so as to satisfy their needs. We all buy and sell but almost 70% of all rich peoples are producers.
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Getting to the best part on this list of, 15 difference between rich and poor mentality.
11. Bad Circumstance Mindset Differences
Whenever something isn’t going right…
Rich Peoples Blame themselves and find the solution to it
Rich peoples believes that, their life is in their own hand. Either they will be successful or poor, it all depends on them. They take full responsibilities of their life. So whenever something isn’t going right, they blame themselves and look for ways to solve such problem. They know “their problem is their own problem not the government”
Poor people’s blame the government or their relatives and find no solution to it
Last week a company called G-Press made an announcement to the general public to those who are looking for a job to fill it 6 positions. On the interviewed day 395 peoples were present holding their CVs. Only 6 of them were picked and do you know what the other 389 said? “The government is not helping at all, we are holding a masters degree and yet no company in the country for”
That is what most poor peoples do, they keep blaming the government to offer them a good future not knowing that their life in their own hand. For them when something isn’t right, it always someone’s fault but never their fault. Do you see the real difference between rich and poor mentality or mindset here?
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12. Quitting Differences
A friend of mine told me the other day that nothing is impossible in this world. I didn’t say a word, I ended that conversation and move him up to up steps on top of 4 story building. Looking at how small the peoples on the ground were I told him “James there is nothing impossible in this world can you jump down steps and buy me a coffee” He looked at me fully focused as if he is going to have a war with me in the next seconds. Stupid, nothing is impossible but not all things are wealth trying, you need to give up sometimes. Said by him.
When something seems to be stupid or not wealth achieving you need to give up. But this seems to be different within the mindset of rich and the poor.
Rich Peoples Plan to quit strategically when they realize the task is unachievable
Rich peoples always thinks ahead of every task. When they see that the task is unachievable or the outcome of a particular task seem to be nothing they plan to quite. They don’t quite because of pain or high competition.
You remember what my friend James said right, “Stupid, nothing is impossible but not all things are wealth trying, you need to give up sometimes” If he would have jumped he would have been dead by now, and what would he have gotten out of it? I gave him only $2 to buy me a cup of coffee, so that could be the only money in his pocket laying down dead. Simply because he told me nothing is impossible does not mean he should do stupid things to prove it.
Poor Peoples quits in reaction to pain and short-term discomfort.
Poor peoples also quit sometimes but how they quit from a particular task is different from the rich. Whenever they feel too much pain or because of high competition in something, you will hear them saying “is not easy ooo, God didn’t give me the talent to do this I have to quit” So they quite with analyzing the result of the task whether it could be wealthy when achieved.
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13. Financial Education Mentality
The more you learn and implement it, the more you earn.
Rich Peoples Learn about money
Rich peoples are always opened to financial ideas. This is why most of them hate small talk. They like having a conversation about ideas like where they can invest their money safely for high returns. They don’t like this your good morning, how are you doing and did you went to church shit. Go to their house and you will either five or more books about personal finance or business.
Poor Peoples are not willing to learn About Money
If you are just like me you will realize that we have been influence by our environment and what everyone is doing. Immediate a baby is born the parent begin to think of the school the he or she will attend. But tell me, who commanded all of us to follow this routine?
School in deed is a place to skills on a particular job you wish to do in the future. Because of this, most poor peoples think that school is the only way one can become rich. But I tell you, on ranking from the richest peoples in the world from, top to down 1 out of 10, 7 of them are school dropout. Success is not about your master’s degree or the good job your parent may tell you to go for. If you are given $3000 today and you have no financial education, you will spend it on unnecessary things.
That is why most poor people work hard but keeps on getting poor. No matter how much they earn they have no idea of investing or buying income generating assets. This is also a reason why most poor peoples who are willing to learn about money later become rich. Taking me for example, I specially created this blog to teach peoples on what I learn daily in my personal finance books. As am teaching am learning and implementing too, so comparing my past without this blog to since I started this blog, I will say you do need to start learning about money now. This is one of the top difference between rich and poor mentality.
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You are getting to the end. But there is one powerful hack among the list of, 15 difference between rich and poor mentality. I want to show you…
14. Future Success Mindset Differences (Rich Vs. Poor)
Rich Mindset: Future Success Is a Necessity
For most Rich Peoples, they know it inside them exactly that they will surely be successful in the coming days. So they do all their possible best to accomplish this dream. They visualize their success, work towards it and make it a reality. Who are you to tell a man with rich dreams that you can’t make it in life? He will look at you and say “The fire inside me burn brighter than what you see”
Poor Mindset: Success is a Wish
I remember when I was in kindergarten, our teacher always ask who we want to become in the future. I was saying police, police but nowhere am I sitting in front of my laptop working from home a “computer programmer, blogger, financial adviser, and a graphic designer” What have I missed? Nothing I just changed my career in the university. Instead of holding guns on peoples, I wish to program with my coffee at my side.
So you see back then my dream of becoming police was just a wish, not a necessity. If it was a necessity I wouldn’t have a switch but I would have gone for it. This is a real difference between rich and poor people’s mentality.
It is how most poor peoples do their things on their future success. They think success is just an option, not a necessity, so they do whatever they like on a daily bases without focusing on the success they wish they could have.
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15. Rich People Let Their Money Work Hard For Them, Poor People Work Hard For Money
When it comes to money the poor is always indeed of some dollars. You will see them complaining over and over about money as if they have never seen some before. But the fact is within this difference between rich and poor mentality. Poor people’s depend only on their current job and do not create a second source of income. This is opposite with the rich, instead of depending only on their job they let their money work for them as a second source of income through either investment or assets.
Final Thought on Differences Between Rich vs. Poor Peoples Mentality Or Mindset
You have seen all the differences between rich and poor mentality or mindset. The ball is in your court now, will you continue to live your life like the poor and remain in that position forever? You don’t need to say no, you need to implement. Remember “if you have 1000 resources and you don’t even know how to use one of it is not wealth having”
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